Brandon Suh, CEO of Lunit, a provider of Artificial intelligence (AI)-powered solutions for cancer diagnostics and therapeutics, today announced the successful completion of its acquisition of Volpara Health Technologies, a global developer of medical software for breast cancer screening. The landmark acquisition was completed in an eight-month timeline, and will advance cancer diagnostics and care, according to the Seoul, South Korea-based company.
May 22, 2024 — Lunit, a provider of Artificial intelligence (AI)-powered solutions for cancer diagnostics and therapeutics, today announced the successful completion of its acquisition of Volpara Health Technologies, Ltd., a global developer of medical software for breast cancer screening. The landmark acquisition, according to a written statement issued by the company and shared here, completed in an eight-month timeline, marks a significant milestone in Lunit’s mission to conquer cancer through AI.
Lunit is a Seoul, South Korea-based medical AI company which harnesses AI-powered medical image analytics and AI biomarkers to ensure accurate diagnosis and optimal treatment for each cancer patient. The company, founded in 2013, which has offices in Boston, MA, Amsterdam, The Netherlands, and Shangha, China, reports that its FDA-cleared and CE-marked Lunit INSIGHT suite for cancer screening serves over 3,000 hospitals and medical institutions across 40+ countries.
“We are thrilled to welcome Volpara into the Lunit family," said said Brandon Suh, Lunit Chief Executive Officer (CEO). Suh added: "Today, we take a monumental step towards revolutionizing our approach to cancer care. By combining our strengths, we are creating a formidable alliance in the industry, particularly in the US market. This merger enables us to develop and deliver innovative, life-saving solutions that meet critical needs in cancer diagnostics,” “While our initial focus remains on breast cancer, both Lunit and Volpara are committed to broadening our offerings to address a wider range of cancers and medical conditions. Together, we will enhance our technological capabilities and strengthen our mission to lead the global fight against cancer.”
“This merger represents an exciting opportunity to enhance our impact on global healthcare," said Teri Thomas, CEO of Volpara. Thomas added, "We can significantly improve early cancer detection and patient outcomes by integrating Volpara’s innovative breast screening technology with Lunit’s AI capabilities. Together, we aim to set new standards in cancer diagnostics and drive forward advancements that will benefit healthcare providers and patients globally. Our shared vision to conquer cancer will undoubtedly pave the way for transformative developments in medical AI.” Volpara Health Technologies, Ltd. is headquarterd in Wellington, New Zealand, with offices in Lynwood, WA.
Advancing Cancer Diagnostics
The acquisition of Volpara significantly boosts Lunit’s capabilities in AI-driven cancer diagnostics. With this acquisition, Lunit integrates Volpara’s advanced breast health platform — such as breast density assessment, Scorecard, and screening workflow enhancement — with its AI-powered solutions for breast cancer detection. This creates a unique, holistic AI suite that enhances every part of breast screening, both detection capabilities and administrative processes. The all-encompassing offering positions the unified company to lead the market with a powerful suite and a robust industry reputation.
Lunit further noted that the company is set to capitalize on the powerful synergy with Volpara, to develop autonomous AI models — which they described as an unmatched capability in the industry. These advanced AI systems will independently screen, detect, and diagnose cancer, heralding a new era in cancer diagnostics and significantly enhancing patient care worldwide.
In addition to strengthening Lunit's technological foundation, the company notes the acquisition also facilitates market expansion. With Volpara’s established presence in over 2,000 U.S. medical sites, Lunit is strategically positioned for a robust entry into the American market, the largest healthcare market in the world. The US AI healthcare market is projected to grow from USD 2.9 billion in 2022 to USD 51.3 billion by 2030, registering a compound annual growth rate (CAGR) of 43.22%1 driven by the need for more efficient healthcare services and potential cost savings. Furthermore, the recent recommendation by the US Preventive Services Task Force (USPSTF) to lower the breast cancer screening age from 50 to 40 is expected to increase screening demand, presenting a tremendous opportunity.
Leveraging Volpara's extensive presence in the United States, Lunit will introduce its solutions to this expansive market, enhancing accessibility and adoption. Conversely, Lunit plans to promote Volpara’s solutions across Europe, Asia, the Middle East, and South America, where Lunit has established a strong market presence. This expansion will catapult the Group’s reach to a broader audience, solidifying its position as a global leader in the market.
Lunit Achieves Milestone of 100+ Peer-Reviewed Papers Published
In addition to the Volpara acquisition completion, on May 20, Lunit announced it had achieved a historic milestone with the publication of 100 peer-reviewed papers in SCI journals featuring our Lunit INSIGHT suite as of April 2024. “This groundbreaking achievement underscores our commitment to advancing medical AI research and highlights the clinical safety, effectiveness, and efficiency of our AI solutions…sets a new benchmark in AI-powered cancer diagnostics,” noted the company. The count strictly includes full research articles, explicitly excluding abstracts and posters.
The company specified that, as of April 2024, Lunit has reached a total of 125 published papers in SCI journals. This includes 100 papers on AI medical imaging with the Lunit INSIGHT suite and an additional 25 papers featuring the Lunit SCOPE suite, which are AI solutions aimed at precision oncology for optimized cancer treatment.
"Lunit's rapid publication rate, with 100 papers in just six years, is more than an academic milestone; it is the foundation of our mission to conquer cancer through AI. Our research output, unmatched in the medical AI field, continues to set new standards and paves the way for advancements," said Brandon Suh, CEO of Lunit. “We have collaborated with top-tier global institutions, such as the Massachusetts General Hospital, NHS Trust, and Karolinska Institute, and have been instrumental in shaping the understanding and utilization of AI in medical imaging. We are grateful to our global network of esteemed researchers, clinicians, and partners who have been integral to our journey."
The statement on the publication milestone added: Lunit’s achievement reflects a comprehensive journey, beginning with the development of an AI-powered solution for lung abnormality detection and extending through multicenter studies aimed at improving breast cancer screening protocols. These efforts have illustrated the practical impact and versatility of AI applications in various medical settings, including its successful integration into Europe’s double-reading breast cancer screening systems. Looking to the future, Lunit remains committed to pioneering further innovations through research, enhancing patient outcomes, and empowering healthcare providers with the tools to detect cancer more accurately, quickly, and effectively, continuously pushing the boundaries of what is possible.
More information: www.lunit.io
Reference:
1 US Artificial Intelligence (AI) in Healthcare Market Executive Summary
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